AUD/USD takes another step towards the up-trend

"The year is starting out no different than the way we left it, with a possible domestic rate cut, the potential for underpriced US hikes, and then weak oil." - CIBC Capital Markets (based on Business Recorder)

Pair's Outlook The Australian Dollar dropped as low as 0.7156 against its US counterpart yesterday, but with the exchange rate stabilising at 0.7190 by the end of the day. The Aussie is poised for another decline today, as the 55-day SMA and the weekly S2 are providing resistance around the 0.72 major level and preventing the bulls from taking over. However, the AUD/USD is also supported by a similar cluster, represented by the 100-day SMA and the weekly S3 circa 0.7170, a breach of which should trigger a sharper sell-off towards the up-trend just above the psychological level of 0.71. Traders' Sentiment Bullish traders' sentiment barely changed, as 73% of all positions are long today. Meanwhile, the share of sell orders slid from 84 to 69%.

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